IPA Products and Services - Revamp Evaluation

More than 40 percent of capital projects executed by the process industry are predominantly modernizations or refurbishments of existing facilities, i.e., revamp projects. Revamp projects are intrinsically the most difficult projects for the following reasons:

Design is heavily constrained.
Execution frequently takes place around operating units.
Construction occurs in congested areas.
Projects are frequently tied to plants' turnarounds.
Approximately 55 percent of revamp projects include construction activities concurrently executed with maintenance turnarounds. Therefore, planning and executing revamp projects and turnarounds well are essential for project systems to be successful.

IPA's Revamp Project Evaluation System (RPES) measures the level of readiness of revamp projects and compares it with that of Industry and Best-in-Class performance. The RPES evaluates readiness of revamp projects by combining the practices followed for the key project inputs, targeted competitiveness, and project system discipline.

This product is designed to help project teams produce more competitive revamp projects, even when tied to maintenance turnarounds. RPES evaluations provide project managers with a good understanding of how ready a project is at the feasibility phase and/or at authorization. In that sense, RPES evaluations help project teams identify the level of risks and competitiveness associated with revamp projects and provide project teams with a list of items to be addressed to reduce risks while achieving Best-in-Class performance. By performing an RPES evaluation, companies can benefit from making business decisions based on low-risk, highly competitive projects, which will ultimately provide better-than-industry average returns.

The results of the analysis will be provided to the project team. This includes:

An evaluation of the level of readiness of the revamp project as of the data collection date.
A recommended path forward for achieving the Best Revamp Project Readiness status. The specific activities required are presented in a list of recommendations designed to help project managers complete the required tasks.